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The Real Deal NYC

Yes in God’s Backyard: How building affordable housing could be a lifeline for churches

Churches, whose already declining attendance plummeted during the pandemic, are now looking to development for extra cash. Places of worship are offering up their excess land to developers, Bloomberg reported. The prospect is a particular draw for institutions looking to combat homelessness. Before the coronavirus hit, more than 550,000 people were homeless in the U.S., according to the outlet. Religious institutions are among the biggest landowners in the country, with UC Berkeley’s Terner Center for

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Brooklyn’s back: Luxury contract volume hits four-month high

Almost $30 million worth of luxury residential property went into contract last week in Brooklyn. There were 11 homes — six townhouses, three condos and two co-ops — that found buyers last week, according to Compass’ weekly market report. It marked the strongest week in terms of contract volume since the week of March 9, before the city began to shut down to slow the spread of Covid-19. The week of March 9 saw 15

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Facing jail time, Lori Loughlin sells Bel Air manse at huge discount

Lori Loughlin and Mossimo Giannulli are parting with their 12,000-square-foot Bel Air mansion at a steep discount, ahead of the couple’s sentencing for their admitted part in the college admissions scandal. The mansion hit the market for $28.7 million in January, but a source told Variety that the former “Full House” star and Giannulli accepted an $18 million offer from Tinder co-founder Justin Mateen. Giannulli is reportedly a prolific real estate investor in the Los

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TradeOff settles sexual harassment claims for $1.5M

 During her two years at TradeOff Construction Services, Javashia Johnson was moved from site to site after complaining that supervisors touched her inappropriately and repeatedly pressured her for sex. Ultimately, she was fired. Nearly two years after Johnson made these claims in a federal lawsuit, TradeOff has settled sexual-harassment and other claims brought by her and 17 other employees who worked for the Lynbrook-based firm. Johnson’s case had been continued by her family after she

The post TradeOff settles sexual harassment claims for $1.5M appeared first on The Real Deal New York.

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260-acre Hillandale estate returns to market asking $49M

A 260-acre Hillandale estate — complete with private lakes, a hedge maze and land in New York and Connecticut — is on the market asking $49.5 million. That’s a far cry from the $95 million the property was asking when it first came to market in 2007, the Wall Street Journal reported. Charlene Haroche — the wife of the late Gilbert Haroche, co-founder of Liberty Travel — said she is listing the property because she

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TRD Insights: Data shows rate Blacks are denied mortgages in 50 US metros

Hurdles facing Black American homebuyers and homeowners come in many forms, from steering and redlining to systemic undervaluation of properties. One of the biggest challenges involves the financing of homes. Black mortgage applicants are twice as likely as whites to be denied, for both home purchase and refinance mortgages. A new study from online loan marketplace LendingTree examines how these disparities differ in different parts of the country. The report looks at the Federal Financial

The post TRD Insights: Data shows rate Blacks are denied mortgages in 50 US metros appeared first on The Real Deal New York.

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Thor clips The Wing for overdue rent

Thor Equities is suing The Wing for late rent at its Bryant Park office. Joe Sitt’s firm is seeking $270,000 in rent and other charges, which the women-focused co-working company has allegedly failed to pay since March, Commercial Observer reported. The Wing, once owned by WeWork, secured its fourth location last year, signing a 10-year lease last year for 12,000 square feet on the 11th floor of Thor’s 25 West 39th Street. The complaint marks

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Danny Meyer’s USHG got $11M+ in PPP cash

New York food magnate Danny Meyer has had an on-again, off-again relationship with PPP loans. Now it’s on again — to the tune of $11 million. Meyer’s Union Square Hospitality Group, which includes 18 privately owned restaurants and cafes, took in a combined loan amount of between $11.4 million and $27 million from the Small Business Administration’s Paycheck Protection Program, according to Bloomberg. That comes just a few months after Meyer’s Shake Shack reportedly returned

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WeWork on track for profitability by end of 2021, says chairman

WeWork’s business model may have been called into question by the coronavirus pandemic, but its executive chairman says the company is now near profitability. The flexible-office startup, founded in 2010, is now on track for positive cash flows by the end of 2021, Marcelo Claure told the Financial Times. In fact, Claure said the pandemic has sent the firm’s demand for private spaces “through the roof.” Mastercard, TikTok-owner ByteDance, Microsoft and Citigroup have recently signed

The post WeWork on track for profitability by end of 2021, says chairman appeared first on The Real Deal New York.

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Construction firm settles allegations of sexual harassment

Nearly three years after accusations surfaced against TradeOff Construction Services, the firm has agreed to settle sexual-harassment and other claims brought by former employees. According to court filings made public last week, New York Attorney General Letitia James reached a global settlement with women who claimed they were sexually harassed while working on some of TradeOff’s sites, including Related Companies’ 55 Hudson Yards. Details of the agreement were not disclosed. The settlement culminates years’ worth

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